Brussels (Brussels Morning Newspaper) – Ursula von der Leyen, President of the European Commission, announced on Tuesday that the Commission plans to introduce initiatives that will let electricity flow more freely across the European Union, Reuters reported.
The European Union executive is now addressing energy bottlenecks for price stabilisation at a time when energy challenges persist. The European Commission‘s goal is to remedy a couple of power grid bottlenecks in order to increase security and reduce uncompetitive prices by increasing connectivity, eliminating holes in infrastructure, and developing new grid projects.
How will the EU address existing power grid bottlenecks?
European Commission President Von der Leyen announced plans for a package on grids and an initiative to create “energy highways” at a conference on EU competitiveness. The European Grids Package is expected to be released by the end of the year.
“It will focus on eight critical bottlenecks in our energy infrastructure, from the Pyrenees to the Trans-Balkan pipeline. From the Oresund Strait to the Sicilian Canal,”
She said.
“We will liberate these bottlenecks one by one. And we will step in with funding where necessary,”
She continued.
Reiterating the need for the EU to stabilise its energy prices through energy security and by hastening the transition to clean, homegrown renewables, Ursula von der Leyen, President of the European Commission, has left no doubt about her priorities.
How is the EU planning to stabilise energy prices?
In reaction to Russia’s aggression against Ukraine, as well as the subsequent energy crisis, the EU introduced a number of actions that also included the REPowerEU plan introduced in May 2022 to decrease dependence on Russian fossil fuels and to speed up the shift towards renewable energy.
The REPowerEU initiative has made great strides in confronting the energy crisis caused by Russia’s war of aggression against Ukraine. By 2025, the EU will have effectively reduced gas demand by 17%, which amounts to 70 billion cubic meters of gas saved each year.
The plan directed close to €300 billion in investment, largely through the Recovery and Resilience Facility, which provided important funding for energy efficiency improvements, the rollout of renewable energy, electricity networks, and across all member states for green technology investment.
